Comprehensive Role of IDP with Robotic Process Automation
It's a big challenge for your business to manually streamline the tedious manual processes and time-consuming tasks, including file classification, manual data entry, and document analysis.
What if you could discover an option that helps your business retrieve the data with fine-tune accuracy and quickly in minutes?
It would be highly beneficial. Right?
Here comes the super-advanced automated technology: Intelligent Document Processing with RPA
IDP with Robotic Process Automation is a game-changer in the automation ecosystem because of its efficiency in automating complex business processes by eliminating repetitive and mundane tasks. For example, some complex business tasks include handwritten forms, invoices, customer order processing, manual churning of documents, and extracting and interpreting data.
But thanks to modern digital advancements, the emergence of high-precision automation helps businesses significantly resolve inefficiencies such as handling large chunks of data from unstructured sources, steady & error-prone processes, and bad customer experiences.
If you think of implementing Intelligent Document Processing with RPA for your business, this article helps you gain in-depth insights.
What is IDP with Robotic Process Automation?
The global IDP market size is envisioned to elevate from USD 0.8 billion in 2021 to USD 3.7 billion in 2026, with a CAGR of 36.8% during the estimated period. Hence, Intelligent document processing (IDP) becomes the next-generation intelligent automation that has the incredible potential to transform unstructured and semi-structured information like business documents, images, emails, and PDF documents into relevant and usual data.
When Intelligent document processing leverage the power of robotic process automation (RPA), it can effectively classify, categorize, and extract relevant information and validate the extracted data.
How Does Intelligent Document Processing Work?
Intelligent Document Processing unleashes the power of modern advancement technology like RPA and helps businesses take the quantum leap by automating complex and challenging document-heavy processes. IDP ecosystem comprises five phases:
It is a stage where all the documents, either paper-based or digital documents such as PDF, Word, Excel, file, email, etc. ingested via build-in integrations from various sources.
Intelligent automation retrieves the captured document and aims to enhance its quality and accuracy. It uses diverse procedures like correcting the angle of the scanned document, decreasing the textual and non-textual noise, and cropping the unwanted outer areas.
The documents are categorized into different categories and data fields by structure, content, or type.
It is one of the most crucial steps in extracting essential data from documents, including names, dates, figures, etc., to transform them into a standardized format.
Validation and Integration
Even once the data is extracted, it is not ready to use. Yet, it goes through the validation procedure where RPA bots can verify the data across databases and multiple IT systems. Then, finally, the integration process happens in which the data is fed into the Enterprise's IT systems.
Also Read: The Role of RPA in Digital Transformation
Why does your Business need to Integrate Intelligent Document Processing with RPA?
Here are some of the benefits that reflect the integration of IDP into your business-
Enhanced speed & improved turnaround time
Intelligent document processing streamlines complex processes by automating document processing. Hence, eliminating the bottlenecks and ensuring seamless efficiency. Almost, you can save 85% of the time utilized in the process cycle.
Scale down operational costs and overheads
IDP enabled with robotic process automation reduces overheads and operational costs by improving the data processing speed by computing the large volume of data without any manual processing, which further requires additional cost. Besides, it can offer an 80% cutback in human resources.
Relentless processing accuracy
By adopting intelligent automation for your business, you can eliminate human intervention and enhance processing accuracy at a breakneck speed. With ingenious automation, the accuracy to process the documents can be elevated up to 98%.
Foster Employee satisfaction
The significant benefit of integrating IDP into an enterprise is to knock out the tedious and monotonous manual document processing exercises. Therefore, employees can focus on the more high-value tasks that help them upskill themselves with the industry trends.
Adopting Intelligent document processing with RPA in your business can effectively optimize organizational processes, ease and accelerate document-intensive processes, enhance workforce productivity, reduce operational costs, and maximize the return on investment (ROI).
Simplified compliance and data security
It helps businesses become more compliant because it automates the task and minimizes the risk of human error. Also, it ensures that your data should be protected and secure and only be accessible by an authorized person.
Which Industries can Take Advantage of Intelligent Document Processing driven with RPA?
Intelligent document processing can benefit many diverse businesses or organizations by streamlining critical business functions. Some of the popular industries or organizations that use intelligent document processing are as follows-
Banking organizations need to process a lot of documents every day. They use intelligent document processing for personal finance management, credit disbursement, updating and maintaining financial records, and dealing with financial applications.
The financial sectors process a large amount of data and sensitive information. Organizations use intelligent automation processing solutions to pay invoices, manage payroll expenses, and fill up tax returns.
It's no surprise that medical Institutions require instant and accurate document processing to manage medical records and administrative tasks. Some of them are digitizing medical records, managing prescriptions, medical database standardization, and patient registrations.
In the retail sector, several tasks need to be done simultaneously. Therefore, intelligent automation solutions help product labelling, warehouse management, cashback, offers, goods received notes, invoice receipts, and customer rewards.
Intelligent document processing helps Government employees focus on helping the customers by guiding them with the relevant solutions and driving policies rather than spending a lot of time scrapping the magnitude of data. It includes capturing data surveys and accumulating online customer feedback to ease the property registration applications, issuing e-documents, and managing permit requests.
Data Types Handle by the Intelligent Automation Process.
Nothing can be better to integrate intelligent document processing with robotic process automation. The reason is quite simple: the RPA can effectively handle unstructured data processing. On the other hand, IDP's primary talent is to handle unstructured or semi-structured data types. When powerful collaboration happens, it brings intelligent automation to new heights and helps organizations confront the biggest challenge of manually processing large chunks of data and extracting the relevant information.
Intelligent automation allows the end-to-end automation that can turn the unstructured data into a structured format that can easily feed into analytics engines and business intelligence tools to streamline the processes and reduce the complexities to a great extent.
It can effectively handle two types of data formats-
Unstructured data is a type of data that has no fixed layout or fixed data point, or preset format. Instead, they are free-flowing documents and presented in any format. Hence, IDP becomes the saviour who can transform complex unstructured data into structured data.
Semi-structured data does not stick to a specific format or is arranged in different positions, but it has some structure or contains the same information. It does not have a rational database, but similar entities are grouped in this data type.
Therefore, it is easier to analyze it as compared to unstructured data. One example of semi-structured data is digital photos. Typically, they contain information like time, date, and location, which are structured elements, but the image itself is unstructured.
In which Business Processes can You Incorporate IDP?
Intelligent document processing offers a plethora of bottom-line advantages and brings new levels of content management excellence.
Here's how you can incorporate intelligent document processing into everyday business processes-
Streamline Supply Chain
Implementing IDP with robotic process automation can efficiently process barcodes, invoices, and account payable operations. For example, if the business has to go for manual invoice processing, it requires a series of efforts, including scanning the document, looking for relevant data, extracting, validating, and sending it to the correct location; hence IDP excludes the repetitive, error-prone manual process.
Digitize Paper Documents
IDP scans the convertible paper-based documents and turns them into machine-readable formats to provide optimal performance.
Decipher Difficult Content
Intelligent document processing intelligently identifies glyphs and textual elements, especially difficult to read.
Assemble Documents & Reports
Data from the different sources can be assembled and turned into intelligent document creation; to utilize document templates to generate in-depth reports and complicated legal documents.
Q1: With recent advancements in technology, does it make sense to build my IDP enabled with RPA?
Undoubtedly, with the advancement in modern technology, you can build your system, but there are a lot of considerations and features that need to require to build it. In addition, you need to devote a considerable amount of time and cost along with some expertise to build an IDP.
Q2: If I decide to build IDP, what will be the design considerations?
A full-featured IDB solution requires an understanding of the following design considerations-
1) You have to learn about capturing document images from several input sources like scanners, multifunction devices, content management systems, RPA bots, etc.
2) You need to build a system that can effectively classify and separate different document types and extract data types.
3) The system needs to transfer extracted data to relevant business systems like ERP, RPA, ECM repositories, iPaaS or workflow systems, CRM, and other line-of-business systems.
Q3: What if my business needs unique workflow requirements?
IDP platforms integrated with RPA and iPaaS systems can satisfy the customized workflows that intuitively meet your business requirements.
Q4: What results can I look forward to after implementing IDP enabled with RPA?
After implementing intelligent document processing in your business, you can expect the following results.
a) Direct cost savings
b) Increased efficiency
c) Optimized organizational processes
d) Improved customer experience
e) Elimination of complex and error-prone manual work
Q5: We process our documents manually so far; isn't this better?
Unfortunately, manual document processing is a tedious and challenging task. Altogether, it's prone to human errors, consumes a lot of your business time processing data, and drains your employee's time. With intelligent automation, you can quickly achieve enhanced accuracy and improve compliance and workflows that result in better ROI for your business.
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Are you thinking about whether Intelligent automation is required for your business or not?
Think in this way, how much time does your staff spends on processing documents?
Now, you can analyze that most of your staff's time is spent on manual operations and repetitive mundane processes. Therefore, harnessing intelligent automation enabled with robotic process automation helps your business automates data capturing, extraction, data validation, and integration without disturbing the existing applications.
Furthermore, it can enhance 80% process accuracy and 85% reduction in time in the process cycle. With intelligent document processing, your business can turn complex business processes into hassle-free tasks and helps to gain a competitive edge.
Suppose your business needs to improve the turnaround time, reduce operational costs, and meet compliance requirements. In that case, we are here to assist your business in streamlining the processes by levering intelligent process automation tools.
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